The Ethereum Name Service (ENS) price has surged by 40% over the last two days to trade at $33.
ENS began the uptrend on June 12 soaring as much as 80% to set a swing high at $35.1, levels last seen in January, 2022.
Ethereum Name Service meteoric rise has been orchestrated by a couple of factors including the impending launch of spot Ethereum ETFs in the United States.
Crypto analyst Cold Blooded Shiller has shared some insights on the ENS price, declaring that the price has broken out of a range that has been in place for two and a half years.
There it is for $ENS.
The first time the range has cleanly broken and we have a breakout after 2 and a half years.
Average spot entry is $27. https://t.co/jWiZ8MSgwD pic.twitter.com/Y1lwCiTzLd
— Cold Blooded Shiller (@ColdBloodShill) July 1, 2024
Fellow ENS analyst JAVON MARKS set an ambitious target of $76.121 for Ethereum Name Service. The analyst notes that as long as the breakout holds, there could be an additional 138% upside potential for the token.
$ENS (Ethereum Name Service)’s price surges, creating new post-breakout highs on a major candle here towards the $76.121 target!
As a breakout holds keeping this target remains in play, another +138% upside could be on the way for ENS, and it may come in quickly… https://t.co/wtnuNL4STs pic.twitter.com/l2lKFZjBtc
— JAVON⚡️MARKS (@JavonTM1) July 1, 2024
Key levels to watch for ENS price
At the time of writing, the Ethereum Name Service price was trading at $33 and was fighting immediate resistance from the swing high at $35. A decisive daily candlestick close above this level would see the token rise toward $36.
Above that, the next resistance could emerge from the $38 level and later the 127.2% Fibonacci retracement level at $38.56. Overcoming these barriers would suggest the ability of the buyers to sustain the higher levels. The token would then enter into a bull rally.
ENS/USD daily chart. Source: TradingView
Several technical indicators supported this bullish narrative for ENS. The Relative Strength Index (RSI) maintained its upward trajectory. Its position at 69, close to the overbought region suggested that the buyers were in control of the price.
The moving averages also reinforced the positive outlook for the Ethereum Name Service price. The 20-day exponential moving average (EMA) at $25, the 500-day EMA at $23 and the 100-day EMA at 21 represented zones of strong support for the price on the downside.
Conversely, the RSI displayed near overbought conditions for ENS. This implied that the ongoing rally could soon run out of steam as buyer exhaustion and profit-booking kicks in. If this happens, the price could turn down from the current level with key areas to watch on the downside being the 78.6% retracement level at $31 and the $31 psychological level.
Below that, the 50% extension level at $26.5, the 20-day EMA and the 38.2% retracement level at $24.7 are buyer congestion areas to look out for.
Breaching these levels could see ENS drop further to revisit the 23.6$ extension level at 422, 100-day EMA and the $18.75 swing low. Such a move would complete the retracement taking the token back to the level prior to the start of the latest rally as well as undo all the recent gains.
